In a recent LinkedIn Live session hosted by CXPA, Five9's Matt McGinnis shared insights into the transformative role of AI in redefining the optimal customer experience. McGinnis outlined a few key areas where organizations are setting goals with AI.
Improved Efficiency: McGinnis emphasized AI as a "technology enabler" that enhances customer interactions in various ways. According to him, AI contributes to improved efficiency through "self-servicing the customer, augmenting and empowering the agent, and providing intelligence and insights for management." He highlighted the three primary benefits: improved efficiency, personalized experiences, and cost reductions.
Personalized Experiences: Highlighting the importance of context in customer engagement, McGinnis said, "AI plays a very important piece of what and how that data is used to really personalize the experience for each and every user." He stressed
the significance of delivering a more engaging experience by providing context and understanding customer needs.
Cost Reductions: Discussing the evolution of customer engagement channels, McGinnis noted, "It does lead to a lot of cost reduction, and really using the same resources that you have been able to, for example, expand the number of hours that you can support." He explained how AI enables companies to optimize resources, engage through multiple channels, and achieve
significant cost savings.
Cross-Functional Collaboration with AI: “The level of real time insights that can be derived from the activity happening in the contact center in near real time is almost like a superpower,” McGinnis said, explaining that technology employed at the contact center can enable fast reactions in other parts of the organization in response to emerging customer challenges.
Competitiveness and AI: McGinnis introduced the concept of the "realm of the possible," stating, "With the addition of AI, the realm of the possible has also expanded." He emphasized how AI enables companies to redefine their competitive edge by exploring new possibilities in delivering optimal customer experiences.
Retention and Acquisition with AI: Regarding AI's impact on customer retention, McGinnis highlighted an example where AI proactively addressed a billing issue, preventing potential dissatisfaction. On acquisition, he noted, "When you can provide rich information and quicker answers so that people can make decisions that's going to accelerate revenue."
Generative AI and Its Future: Discussing generative AI, McGinnis expressed excitement about its potential, stating, "I think it has a long way to go until it reaches sort of a saturation point." He highlighted the potential of retrieval augmented generation to enhance accuracy and reliability in generative AI models.
Agent Evolution and Empathy: Addressing concerns about job displacement, McGinnis stated, "The more challenging the problem, the more interesting the job." He emphasized the evolution of agents into critical thinkers, focusing on problem-solving, and the positive impact of AI on the agent experience.
Catch the livestream replay below.
#2024
#ExperienceDesignImprovementInnovation